Accused Texas Ponzi Schemer May Be Fugitive Md. Fraudster

Aug 3 2011 | 10:25am ET

A veteran fraudster may have adopted a new name and a new hometown, but was up to his old tricks with a hedge fund scam, prosecutors say.

Scott Lindemann has been charged with defrauding at least 25 investors of $2 million. But the man listed as Lindemann in the indictment may, in fact, be Scott Yermish, who fled Maryland more than 10 years ago after first being convicted of fraud—and spending more than a year in jail for it—and then theft.

Yermish allegedly settled in El Paso, Texas, after leaving Maryland without finishing his probated sentence on the theft conviction. According to prosecutors, he set up a Ponzi scheme with his hedge fund there.

"This was a very quick investigation," Erik Vasys, a spokesman for the Federal Bureau of Investigation, told the San Antonio Express-News. "From the time we received the complaint, the subject was arrested in El Paso within seven days."

"We wish all investigations could have this quick a turnaround in order to protect future and potential victims."


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note